New sellers trimmed asking prices by 0.3% in June, shaving £1,277 off the average to £378,240. That’s an unusual drop for this time of year, as a flood of homes for sale and April’s stamp duty hike push sellers to be more realistic.
“Agents have been telling us that sellers need to set a competitive price to have a better chance of finding a buyer, and it looks like many are listening,” said Colleen Babcock, Rightmove’s property expert.
Price cuts were steepest in pricier southern regions and London, while the North West, Wales and Yorkshire actually saw prices climb. Despite more choice—11% more homes on the market than a year ago—buyer demand stayed strong, with May marking the busiest month for agreed sales since March 2022.
Babcock called this “a really positive sign that many are getting their sales tactics right.”
First-time buyers, meanwhile, are favouring city life over the coast. Rightmove found demand from first-time buyers in cities has jumped 16% over the past decade, while interest in coastal areas has stayed flat.
“It looks like there’s even more appeal from potential first-time buyers to live in cities,” Babcock added, pointing to affordability and a better mix of starter homes as big factors.
Homes that attract enquiries on their first day are 22% more likely to sell, proving the power of sharp pricing and strong marketing.
“It’s an encouraging market for those looking to buy, with a very good choice of homes for sale,” Babcock said.